--- title: "Forge entities, Schwab ownership and the trustee dispute" language: en canonical: https://osint.v3rta.com/dossiers/linqto/forge/ as_of: 2026-10-09 keywords: ["Linqto","Liquidshares","Linqto Capital","private market investments","series interests","Chapter 11","customer recovery plan","Sandton financing","Forge trustee dispute","corporate governance","securities proceedings"] --- # Forge entities, Schwab ownership and the trustee dispute - Jurisdiction: US (US) **Question.** Which Forge entity had which role? **Answer.** Holdings, operating company, trust company and securities subsidiary are distinct. Schwab ownership does not settle disputed trustee obligations. ## Separate corporate and regulated roles - Analysis: Forge Global, Inc., founded as Equidate, became Holdings' direct wholly owned subsidiary in the March 2022 SPAC combination. Schwab acquired Forge Global Holdings on March 2, 2026; the surviving corporation was wholly owned and its directors and officers were replaced at completion. Those merger-date roles do not establish indefinite continuing office or liability in the later Linqto dispute. [s-d117] [s-d132] - Attributed: Forge's 2022 annual report identifies Forge Trust Co. as a wholly owned South Dakota non-depository trust company authorized for self-directed IRA custody and regulated by the state banking division. [s-d117] - Qualification: The annual report establishes group/custody capacity, not that Forge Trust acted as custodian of Linqto customer securities. - Attributed: The annual report identifies Forge Securities LLC as a subsidiary broker-dealer regulated by SEC and FINRA and operator of an alternative trading system for private securities. [s-d117] - Qualification: Named supplier status in the Linqto record does not establish the scope of any executed custody or trading mandate. - Analysis: Forge Trust and Forge Securities have their own regulated functions. Forge Trust's reported custody assets and account totals describe its business; they do not establish a mandate to hold Linqto customer securities. The corporate parent, operating company, trust company and securities subsidiary remain distinct participants. [s-d148] [s-d125] - Attributed: An August 10, 2026 Linqto announcement says it continued litigation against Forge Global, Inc. and its owner Schwab; the retained complaint separately names Forge Global Holdings as defendant. [s-d125] - Qualification: The announcement's group-level naming is distinct from the legal defendant in the retained complaint. ## Identity in the trustee dispute - Analysis: The plan-selection announcement named Forge Global, Inc., while the debtors' adversary complaint named Forge Global Holdings, Inc. Forge's answer attributes negotiations and the July 15 refusal communication to operating-company representatives but denies an enforceable obligation, appointment, breach, causation and the alleged Schwab instruction. It says the August 19 stipulation withdrew compulsory-performance and equitable demands. That stipulation was not independently retained, and no merits judgment is established. The relationship page gives the full competing accounts and procedural limits. [s-d62] [s-d199] [s-d125] ## Sources - [s-d117] Forge Global Holdings Form 10-K for 2022, U.S. Securities and Exchange Commission EDGAR - [s-d132] Forge Global Holdings Form 8-K: Schwab merger completion, March 2, 2026, U.S. Securities and Exchange Commission EDGAR, 2026-03-02 - [s-d148] Company statement source · s-d148 - [s-d125] Company statement source · s-d125 - [s-d62] Court record source · s-d62 - [s-d199] Court record source · s-d199